new gst return forms from 1st april 2020
The government released these New GST Return forms with a view to ease the burden of GST Return. Instead of the GST returns being the current supplier-driven traffic, starting April next year, it would become a workflow driven mechanism, he added. ................................ Advertisement ................................ New GST Return Forms May Require Firms To Amend Software Systems: Tax Experts, Rising Invoice Fraud Top Agenda On GST Council Meet On Wednesday: Sources, GST Collections Cross Rs 1 Lakh Crore In October, First Time In 8 Months, 21 States Choose Centre's "Borrow" Option As Way Out Of GST Dues Row, Bipasha And Karan Singh Grover Are Busy Making Memories In Maldives, Kareena Kapoor, Saif Ali Khan Bring Baby Son Home. Form No. The documents uploaded in FORM GST ANX-1 for month ‘M’ by a supplier who did not file return for the previous two consecutive tax periods (M-1 and M-2) months shall be made available to the recipient in FORM GST ANX-2 with an indication that the credit shall not be available on such documents. When recipient has accepted the incorrect invoice mistakenly, The recipient has not received the supply, The recipient is of the opinion that there is a need for an amendment in the invoice, The recipient is unsure about eligibility of ITC. New Delhi: The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems. For Large Tax payers. In another way, you must have heard the famous quote ‘One Size Does … Yarab A | Mar-04-2020. After uploading details in FORM GST ANX-1 and taking actions on the documents auto-populated in FORM GST ANX-2, the tax payer shall file the main return FORM GST RET-01. Entries which were not auto populated from ANX 1 & 2 and which were entered manually can be amended in this form. The Council has decided that the new return filing system will be implemented from April 2020. A taxpayer filing Normal return form & having turnover more than 5 crores can file the form (optional) as per the conditions as given by the government. "Besides, bill of entry-wise import details and bill of entry-wise purchases from SEZs (special economic zones) would be required. If a supplier has not uploaded an invoice or a debit note, and a recipient claims ITC of such document. When he ensures that that supplies will be received before filing of return by the recipient. Track Latest News Live on NDTV.com. Missing document of prior period can not be added in this ANX 1A but has to be reported in ANX 1 itself (It requires amendment of original return). In order to submit a comment to this post, please write this code along with your comment: 92a1228816f7b1fdb3c784c1924974f1. Form GSTR-4 is an Annual Return which has carried by Composition Taxpayers, for the FY 2019-20, is now accessible for filing. Amendment to ITC (upward/ downward adjustment) shall be reported in the main return (FORM GST RET-01) and not to be taken to the amendment return. However if refund arises, no refund shall be paid but the same shall be carried forward to next tax period. 1st April 2019, all Concord Taxpayers are expected to file Form GSTR-4 on a yearly basis for every fiscal year. In the 31st GST Council Meet (Dec 2018), it was decided that a New Return System under GST would be introduced for taxpayers. 21st July 2020. Like with any new system being introduced, there is always a set of initial challenges that need to be managed. the deadline to reconcile FY 2019-20 GST data is here, i.e. The due date for GSTR 4 annual return filing dates for FY 2020-21 is 30th April 2021. Documents rejected by the recipient shall be conveyed to the supplier only after filing of the return by the recipient. Update as on 11th June 2019 The Ministry of Finance has released the transition plan for the proposed GST new return system. The due date for filing FY 2019-20 Return is 31st August 2020. > New System is proposed to be implemented from 1st April 2020. The invoices/ documents on which refund has already been claimed by the supplier/ recipient, it shall not be open for amendment. Details uploaded by supplier are correct. All Rights Reserved. Details of documents uploaded by the supplier(s) will be auto-populated in FORM GST ANX-2 on near to real time basis. Form No. The tax amount will not be editable, Place of supply is required to be reported mandatorily for all supplies, Applicable tax rate can be selected from the drop down menu, Only supplier can edit and amend the details up to 10th of the following tax period, The invoice which is accepted by the recipient shall not be eligible for amendment. As per the decision taken at the 37th GST Council Meeting, the new GST return system for all taxpayers and for all forms will be implemented from April 2020. The Central Board of Indirect Taxes and Customs has released the proposed. Different new and simplified GST return forms have been introduced considering the diversity of businesses operating in the country. Advertisement. Copyright © TaxGuru. Recipient filing quarterly returns can accept details uploaded by supplier till 10th of the month succeeding the quarter. GST RET 1 will take place of the GSTR 3B and ANX 1 will take place of GSTR 1 return, both (GSTR-3B and GSTR-1) which are being filed under the current system. This would also require changes in the ERP systems to ensure thgat every invoice is tracked by the tax authorities. Particulars Due Date; GST CMP-08: 1st Quarter- April 2020 to June 2020: 18.07.2020: GST CMP-08: 2nd Quarter- July 2020 to September 2020: 18.10.2020: GST CMP-08 : 3rd Quarter- October 2020 to December 2020: 18.01.2021: Also, Read- GSTR 4 Annual Return- Meaning and its Applicability for Composition Taxpayers. Only recipient can reset/unlock the details, Amendment permissible till the September of the next F Y or date of filling annual return whichever is earlier. Moreover, electronic or E-invoicing for business to business (B2B) transactions would also kick in from January 1, 2020. GSTR 4 Due Date. As of now, there is one-way traffic. In order to allow businesses to get used to new returns, a trail functionality has been enabled on the GST common portal. This includes E-Invoicing, Inclusion of Quick Response Code and Facility of Digital payments to recipients. Structure of new GST returns is mentioned in the below table. From July, 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarisation. Article explains Background of Guidance Note on New GST Returns, Brief features of all types of GST return in table form, FORM GST ANX -1 AND ANX -1A (Details of outward supplies and amendment form), FORM GST ANX-2 (Details of inward supplies), FORM GST RET-01 AND RET 1A (Main return and amendment form) and Types of GST Invoices. The new GST return aims at enhancing transparency and accuracy of the return filing process. 01.03.2021, Formats Resolutions related to Banking Operations, Interesting facts about education loans that you may not know, Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021, Important Alert – Upcoming statutory Due Dates- You Must Know, Validity of Service Tax Notices Based on Form 26AS, Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client, Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C. After that new returns Sahaj Sugam etc . In order to smoothen the transition to the new return system, a transition plan was approved by the Council and the same was released for information vide a press release dated 11.06.2019. After which all the forms i.e. There are three main components to the new return – one main return (FORM GST RET-1)and two annexures (FORM GST ANX-1 and FORM GST ANX-2). When the recipient’s GSTIN is filled incorrectly by the supplier, the invoice will be visible to a taxpayer who is not the receiver of such supplies. These forms will be first implemented from 1st April 2019 on the pilot basis. Author can be reached at [email protected], Your email address will not be published. Amit Bhagat, Partner, Dhruva Advisors said that depending on the details required in the new return system, the ERP would need to be changed. Join our newsletter to stay updated on Taxation and Corporate Law. As per the Notification No. Particulars GST. In the 31st meeting held by the GST council, an introduction to a new GST return system for taxpayers was decided. This section deals with options for return periodicity monthly or quarterly. In order to simplify the GST return filing process, the GST council meeting held on 21st July, 2018 has approved the new GST returns. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Guidance Note on New GST Returns Effective From 1 April 2020, GST on Employees/ Recoveries From Employees with Advance Rulings, Complete Guidance Note on E-Invoice under GST, 100 % Clarity of Ineligible Input credit under GST, Budget 2021: Amendments proposed in Section 74, 107, 151, 152 & 168 of CGST Act, 2017, Proposed prosecution amendments under GST vide Budget 2021, Extended power under Section 83 of CGST Act, 2017 by Finance Bill, 2021, Amount received for security services including amount of wages for guards taxable @18%, Fino Payments Bank Limited included in Second Schedule of RBI Act, 1934, SOP for Vehicle Location Tracking, registration & activation in VAHAN, Physical hearing by NCLT Benches w.e.f. GST Returns – current vs. new GST returns All the current GST returns which are in place i.e. The new GST return system is expected to be introduced from 1 st April,2020. For amendment in such invoice, the recipient needs to reset/unlock such invoice. This transition plan will be carried out in a phased manner. For Small Tax … And for the Quarter October to December 2019 , Small taxpayers will file their first FORM GST ANX-1 in January 2020. The New GST Return System has been launched on a trial basis from July 2019, and the full-fledged system will be put into place from April 2020 (earlier: October 2019). If the original amount was shown as 100 but the correct amount is 120, 120 is to be shown. Information declared through FORM GST ANX-1 and FORM GST ANX-2 shall be auto-populated in the main return GST RET-01. A new GST return system will be introduced from 1 st April 2020 in terms of the decisions of the GST Council in its 31 st meeting and 37 th meeting. CA Chitresh Gupta | Goods and Services Tax - Articles; 08 Jan 2020; 26,649 Views ; 0 comment; The Invoicing System is GST is destined for major overhaul in the coming financial year. April 20, 2020 12:23 PM . What are the new GST forms and which Return form to be chosen by which business, When are they likely to be introduced, ... GSTR 3B & GSTR 1 are to be filed till 31 March 2020. Yarab A | Mar-09-2020 The new GST returns proposed to be introduced on 1 st October,2020, aims to drastically reduce the complexities attached to GST compliance in the current day. Anx-2 on near to real time basis and GSTR 3B will no longer be existence! To reconcile FY 2019-20 return is 31st August 2020 held by the recipient 1 2A... Is a new return filing system will be implemented from April 2020 new! In the below table out in a phased manner, it was.! The proposed GST new return system is proposed to be reported in the 31st meeting held by GST! 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